New partnership will deliver data management solutions as well as token issuance and integration for businesses
Tokoin, a blockchain data leveraging platform serving small businesses in emerging markets, has teamed up with TomoChain to deliver a secure data management solution, easier access to credit information and token issuance and integration.
Tomochain is a scalable blockchain that can support thousands of transactions per second. This partnership agreement will likely lead to possible integration for Tokoin to build a scaleable blockchain infrastructure provided by Tomochain, trustworthy by transparency and auditability, and fast and easy token integration. Tokoin chose TomoChain because of its highly scalable infrastructure and transparent consensus mechanism. Tomochain also allows for fast and easy token integration and is compatible with Ethereum’s Virtual Machine. These highly versatile features make it possible for Tokoin to support public and private chain transactions, as well as cross-chain token transfers.
The partnership is the next stage in Tokoin’s strategy of providing data leveraging and tokenization solutions to micro, small, and medium enterprises in emerging markets.
Welly Salim, the CTO of Tokoin explained the choice of TomoChain:
“Tokoin was committed to choosing the very best protocol as our base. The ideal protocol had to be foolproof and highly scalable, yet also compatible with the best current Smart Contract technology (i.e. Ethereum).TomoChain is the only option that is able to fulfill all these needs. That is the reason we are partnering with TomoChain.”
Through the partnership, Tokoin will offer MSMEs services such as scalable data storage and cross-chain transfers to facilitate compliance with credit scoring for loans. As a result, MSMEs will be able to store and organize data that is relevant to them. They will also be able to access trustworthy data about business partners using customizable decentralized applications available through Tokoin’s platform.
Founder and CEO of Tomochain, Long Vuong stated:
"We are glad to work with Tokoin to explore possible integration on Tokoin's platform on Tomochain. Via our conversation over months, we believe Tokoin is well-positioned in its segment in Indonesia and South East Asia. The partnership will benefit both parties in many fronts over coming years."
Thus, Tokoin frees MSMEs from needing to upload and maintain their own data, which is something that can be a significant challenge for enterprises in emerging markets. By leveraging the power of blockchain automation, Tokoin’s platform makes it fast and easy for MSMEs to access data relevant to their needs. The cross-chain token transfer function can also facilitate loan credit compliance via credit scoring.
The partnership with TomoChain comes after Tokoin announced it had signed several Memos of Understanding (MOU) agreements with Indonesian businesses Pasar Polis, Sahabat UMKM, and Shuttle One. These businesses will be the first data users on the Tokoin platform. The focus and capability within Indonesia is clear - Tokoin greatly understands industry there and is committed to making great progress.
Headquartered in Singapore, Tokoin is a blockchain platform that offers data management and credit scoring for micro, small and medium enterprises in emerging markets. Tokoin provides these enterprises with an infrastructure for digital business identities. This includes facilitating KYC processes and supporting routine transactions and data storage through a decentralized ledger.
To find out more about Tokoin, visit: https://www.tokoin.io/
TomoChain is a scalable smart-contract public blockchain for decentralized apps, token issuance and token integration for small and big businesses. TomoChain supports EVM-compatible smart-contracts and protocols. It features a 150-Masternodes architecture with Proof of Stake Voting (POSV) consensus for inexpensive and instant transaction confirmation. Novel techniques such as double validation, staking via smart-contracts and uniform randomization processes provide security, stability and chain finality.
To find out more about TomoChain, visit: https://tomochain.com/
A version of this article was originally published on blockdelta.io.